In a large mixing bowl, whisk together the sweetened condensed milk and ice-cold water until the mixture is uniform.

Add the instant vanilla pudding mix and whisk vigorously for approximately 2 minutes until smooth and free of lumps.

Cover the bowl with plastic wrap and refrigerate for a minimum of 4 hours, or overnight, until the pudding is completely set and firm.

In a chilled stand mixer bowl or large bowl, whip the cold heavy cream on medium-high speed until stiff peaks form.

Remove the set pudding from the refrigerator and whisk it briefly to loosen; then gently fold the pudding into the whipped cream using a rubber spatula until no streaks remain.

In a 4-quart glass trifle dish or large wide bowl, arrange one-third of the vanilla wafers across the bottom.

Layer one-third of the sliced bananas over the wafers, followed by one-third of the pudding mixture, spreading evenly to the edges.

Repeat the layering process two more times (wafers, bananas, pudding), ending with the final layer of pudding on top.

Crush the remaining vanilla wafers and sprinkle them over the top for garnish.

Cover the dish tightly and refrigerate for 4 to 8 hours before serving to allow the cookies to soften into a cake-like consistency.